Big Data Analytics for Anti-Money Laundering Compliance in the Banking Industry

Jiao, Mingyuan

doi:10.54097/hset.v49i.8522

Cited by 5 publications

(1 citation statement)

References 18 publications

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“…The sensitivity of financial data necessitates stringent security measures to protect against breaches and ensure compliance with regulatory requirements. Jiao (2023) examines the use of big data techniques in strengthening anti-money laundering measures, highlighting the importance of data security in safeguarding the integrity of financial transactions and preventing fraudulent activities. However, the study also points out the challenges related to data privacy and the need for continuous improvement to keep pace with evolving money laundering schemes, underscoring the complexity of implementing secure big data analytics in the banking industry.…”

Section: Challenges In Implementation: Discussion Of the Main Challen...mentioning

confidence: 99%

Big data analytics in the financial services industry: Trends, challenges, and future prospects: A review

Samuel Aderemi,

David Olanrewaju Olutimehin,

Uchenna Innocent Nnaomah

et al. 2024

Int. J. Sci. Technol. Res. Arch

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This paper provides a comprehensive review of the evolving role of big data analytics within the financial services industry, highlighting current trends, inherent challenges, and future prospects. The objective is to synthesize existing research and practices to understand how big data analytics is transforming financial services, including banking, insurance, and investment sectors. Through a systematic examination of peer-reviewed articles, industry reports, and case studies, the research methodology encompasses both qualitative and quantitative analyses to offer insights into the adoption, implementation, and impact of big data analytics. Key findings reveal that big data analytics is pivotal in driving innovation, enhancing customer experiences, and improving operational efficiency in financial services. It plays a critical role in risk management, fraud detection, personalized financial advice, and algorithmic trading, among other areas. However, the industry faces significant challenges, including data privacy concerns, regulatory compliance, technological infrastructure requirements, and the need for skilled professionals. The paper concludes that while big data analytics offers substantial opportunities for the financial services industry, realizing its full potential requires addressing existing challenges through strategic investments in technology, human capital, and data governance. The future prospects of big data analytics in financial services are promising, contingent upon the industry's ability to adapt to rapid technological advancements and evolving regulatory landscapes. This review underscores the importance of continued research and collaboration between industry stakeholders to leverage big data analytics for sustainable growth and competitiveness.

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Section: Challenges In Implementation: Discussion Of the Main Challen...mentioning

confidence: 99%

Big data analytics in the financial services industry: Trends, challenges, and future prospects: A review

Samuel Aderemi,

David Olanrewaju Olutimehin,

Uchenna Innocent Nnaomah

et al. 2024

Int. J. Sci. Technol. Res. Arch

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Decoding Creditworthiness: Leveraging Big Data Analytics for Risk Assessment in Credit Appraisals

Kataria,

Sharma

2024

maj

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The Impact of RegTech on Compliance Costs and Risk Management from the Perspective of Saudi Banks’ Employees

Zabat,

Sadaoui,

Benlaria

et al. 2024

Wseas Transactions on Business and Economics

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Through this research, we will be analyzing the Effect of RegTech on Compliance Costs and Risk Management in the Banking Sector, mainly with the eye of people in administrative roles in Saudi Banks, a total of 232. A new technological trend is reshaping the financial industry, RegTech, marked by various advanced technological processes and automation. The main findings show that RegTech significantly reduces compliance costs, confirming its cost-saving potential. Therefore, Employee perceptions are critical to integrating and adopting RegTech within business operations. In addition, RegTech improves risk management systems with more accessible procedures and better internal controls. This proves RegTech’s ability to improve the banking processes and strengthen the risk management system. Proportional to the organizational support, tool investments, and tool diversity interactions are moderated, and operational efficiency is enhanced. This research contributes significantly to the more profound knowledge of the implication of RegTech in the Saudi banking sector, which facilitates transformation through renewed practices in the industry alongside its efficiency.

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Big Data Analytics for Anti-Money Laundering Compliance in the Banking Industry

Cited by 5 publications

References 18 publications

Big data analytics in the financial services industry: Trends, challenges, and future prospects: A review

Big data analytics in the financial services industry: Trends, challenges, and future prospects: A review

Decoding Creditworthiness: Leveraging Big Data Analytics for Risk Assessment in Credit Appraisals

The Impact of RegTech on Compliance Costs and Risk Management from the Perspective of Saudi Banks’ Employees

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